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Author Topic: Lending bots: Are they profitable?  (Read 1554 times)
Abiky
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March 02, 2017, 01:31:23 PM
 #1

I'm wondering whenever the use of lending bots (like Poloniex Lending Bot) would become profitable enough to help build a nice income out of it.

The lending bot that works with Poloniex, has a 10% fee, which brings me doubts whenever lending your Bitcoins with it, would be profitable at all.

Has anyone tried lending bots before? What results could I achieve by using one?

I would like to know your opinion about this.  Smiley


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March 02, 2017, 02:51:24 PM
 #2

In my experience, no. There is no way to assess the risk properly with a bot apparently because I got screwed. I wouldn't suggest lending sites at all, and especially not with a bot.
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March 02, 2017, 04:20:53 PM
 #3

In my experience, no. There is no way to assess the risk properly with a bot apparently because I got screwed. I wouldn't suggest lending sites at all, and especially not with a bot.

Lending sites where decisions are made whether to lend or not, won't work with a bot.
If you have a set of pre-cleared borrowers, and the only decision is whom to lend to, so that you maximize returns; then you can use a bot.
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March 04, 2017, 06:27:07 AM
 #4

If you are lending on poloinex then I would suggest that you handle the loans yourself if a potential box is going to charge you 10% (on top of what poloinex will charge) you can make loans up to 60 days on poloinex (and 30 on bitfinex), and can set up your account to automatically create a new loan offer once the prior loan is repaid. Loans can be repaid early on polimoinex and bitfinex and interest rates can move below your offer, so you will want to monitor your account periodically to see if you might want to lower the interest rate you are asking for. 

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March 06, 2017, 05:23:03 PM
 #5

If you are lending on poloinex then I would suggest that you handle the loans yourself if a potential box is going to charge you 10% (on top of what poloinex will charge) you can make loans up to 60 days on poloinex (and 30 on bitfinex), and can set up your account to automatically create a new loan offer once the prior loan is repaid. Loans can be repaid early on polimoinex and bitfinex and interest rates can move below your offer, so you will want to monitor your account periodically to see if you might want to lower the interest rate you are asking for. 

Thanks for the advice. I had my doubts using the bot at the first place, since it had a 10% fee which would limit my ability to profit anytime soon. I guess that it would be better to do it manually, to get the most out of my lensed Bitcoin.

One thing that I have been wondering is, if either Polo or Bittrex offer protection for your lensed coins in case the borrower does not pay. If there would be some kind of protection, then I would lend most of my coins with confidence.  Smiley


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March 06, 2017, 05:36:21 PM
 #6

One thing that I have been wondering is, if either Polo or Bittrex offer protection for your lensed coins in case the borrower does not pay. If there would be some kind of protection, then I would lend most of my coins with confidence.  Smiley
As far as I know, the borrowers have collateral. That is why the interest rates are so low.

If you want to get into poloniex stuff with decent capital, I'd suggest getting a trading bot, as it is much more profitable (and trustworthy) than a lending bot in my opinion.

Pm me for more information  Smiley
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March 06, 2017, 06:17:29 PM
 #7

If you are lending on poloinex then I would suggest that you handle the loans yourself if a potential box is going to charge you 10% (on top of what poloinex will charge) you can make loans up to 60 days on poloinex (and 30 on bitfinex), and can set up your account to automatically create a new loan offer once the prior loan is repaid. Loans can be repaid early on polimoinex and bitfinex and interest rates can move below your offer, so you will want to monitor your account periodically to see if you might want to lower the interest rate you are asking for. 

Thanks for the advice. I had my doubts using the bot at the first place, since it had a 10% fee which would limit my ability to profit anytime soon. I guess that it would be better to do it manually, to get the most out of my lensed Bitcoin.

One thing that I have been wondering is, if either Polo or Bittrex offer protection for your lensed coins in case the borrower does not pay. If there would be some kind of protection, then I would lend most of my coins with confidence.  Smiley
Borrowers are not able to withdraw borrowed funds, and loans are repaid automatically when positions are closed (usually- borrowers can keep loans outstanding and can use borrowed funds to open a subsequent position), or when the loan becomes due.

Both exchanges have systems in place to force liquidate positions if the equity falls below certain thresholds. Due to the generally low leverage and the generally high maintenance requirements, it is rare that borrowers will have negative equity in their account (which would mean that lenders would have losses); in these cases I know that bitfinex has covered losses and I believe that poloinex has done the same.

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March 07, 2017, 05:15:44 PM
 #8

I'm wondering whenever the use of lending bots (like Poloniex Lending Bot) would become profitable enough to help build a nice income out of it.
When people stop scamming maybe ? The lending isn't profitable itself,forget about using the bot.

The lending bot that works with Poloniex, has a 10% fee, which brings me doubts whenever lending your Bitcoins with it, would be profitable at all.
Well,you can write your own lending bot ,can't you ? Save additional 10% free if that is near or equal to profits you will make through lending.

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Abiky
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March 10, 2017, 11:18:44 PM
 #9

As far as I know, the borrowers have collateral. That is why the interest rates are so low.

If you want to get into poloniex stuff with decent capital, I'd suggest getting a trading bot, as it is much more profitable (and trustworthy) than a lending bot in my opinion.

Pm me for more information  Smiley

Sounds interesting. I would like to know more about this trading bot. As long as it would be affordable enough for me to get started, then it would be great. I've sent you a PM.  Wink


Borrowers are not able to withdraw borrowed funds, and loans are repaid automatically when positions are closed (usually- borrowers can keep loans outstanding and can use borrowed funds to open a subsequent position), or when the loan becomes due.

Both exchanges have systems in place to force liquidate positions if the equity falls below certain thresholds. Due to the generally low leverage and the generally high maintenance requirements, it is rare that borrowers will have negative equity in their account (which would mean that lenders would have losses); in these cases I know that bitfinex has covered losses and I believe that poloinex has done the same.

Thanks for the information. In that case, then I will try it with a minimum amount first, and then I will consider to lend more Bitcoin if it works. I hope to profit with this, and be able to make a nice passive income out of it.  Roll Eyes


I'm wondering whenever the use of lending bots (like Poloniex Lending Bot) would become profitable enough to help build a nice income out of it.
When people stop scamming maybe ? The lending isn't profitable itself,forget about using the bot.

I've thought so, but wanted some advice before consider using it (if ever) to automate the lending process of my Bitcoin. I think that I would be better off doing it manually, checking Poloniex each day to consider the best rates for my loans. If it turns profitable for me, then I will continue to lend my Bitcoins over the exchange, as it would be a great way of making passive income.  Smiley

Quote from: Joel_Jantsen
The lending bot that works with Poloniex, has a 10% fee, which brings me doubts whenever lending your Bitcoins with it, would be profitable at all.
Well, you can write your own lending bot ,can't you ? Save additional 10% free if that is near or equal to profits you will make through lending.


True. That would save me the hassle of paying the 10% fee each time, but it would take me some work to code the bot and get it working. As I'm not an expert coder, I believe that it would be difficult for me to make my own bot.  Sad


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